Joe Biden Cancelling Student Loan Debt By Fiat Will Create Republican Voters

PJ Media ^ | 11/17/2020 | Stacey Lennox

[SeekAndFind]

With the presumption that Joe Biden will be inaugurated on January 20, 2021, demands are already being made. The calls for him to forgive student loan debt by executive order are getting louder. This is supposedly some gift to the millennial generation—clearly, the most put-upon generation in all of American history.

Schumer saying Biden can cancel first $50,000 in student debt via executive order. And will do so in first 100 days. This will change so many lives. https://t.co/nkWZykLJVE

— Tom Winter (@WinterForMT) November 7, 2020

Of course, that is a stretch. The millennials are victims of the ruling class’s strategy of managed decline that made them richer and the country poorer. It started with Clinton removing the trade requirement to review China’s human rights record annually and ended with the most anemic recovery in history under Barack Obama. One Joe Biden helped manage, and the other his family appears to have profited from.

It also appears that Democrat leaders like Minority Leader Chuck Schumer and Senator Elizabeth Warren are overstating the case:

The policy is part of a Biden program that promises to make racial disparities in the U.S. economy a top priority. Senator Elizabeth Warren on Thursday urged the president-elect to cancel student loans via executive order right after he’s inaugurated, saying it’s the best way to rapidly deliver a “massive economic stimulus.”

According to data from The Manhattan Institute, this is how the student loan crisis actually breaks down:

[SeekAndFind]

• Most millennials (66%) have no student debt, either because they did not attend college or did not acquire debt in the process.
• The typical graduate will have borrowed $28,500 in pursuit of a bachelor’s degree. That can be repaid with monthly payments of $181 on a standard, 20-year repayment plan.
• Only 6% of borrowers have more than $100,000 in debt. These high-balance borrowers tend to have graduate or professional degrees and often come from higher-income families.
• Individuals that hold more than one-third of outstanding student debt are in the highest income quartile (individual income above $97,001).

[ronnie raygun]

Put upon by the rats who are in on the college scam

[1Old Pro]

Schumer saying Biden can cancel first $50,000 in student debt via executive order.

I'm not sure about this being legal via executive order.

[a fool in paradise]

Of course they will still pay income tax that year on their $50,000 debt being cleared. If not, why not? Anyone else with debt pays income tax on it when it is “forgiven”.

[Shadow44]

They won’t do it. It’s a perpetual incentive to keep people voting for Democrats. Unfortunately it’s just like the birthright citizenship EO.

[Ted Grant]

If the dems get away with their stunts in election 2020, they will get away with anything they try.

There will be no new conservative voters created of note.

[backwoods-engineer]

Joe Biden ISN'T PRESIDENT. The only thing he cancels is meetings with the press.

Why do we even acknowledge articles like this, that assume this LOSER won? TRUMP WON, people. Get over it.

[lerker]

Man I will be mad, we managed to pay off my wife’s loans by really paying them down during the covid forbearance. I will be pissed if we could have just kept that money and had it ‘forgiven’...

[mtrott]

That ahole better not expect me to pay for other people’s children’s student debt. The main reason my wife is still working is so that we can get our daughter graduated from college WITHOUT student debt. Is China Joe going to pay us back for being responsible?

[Dilbert San Diego]

True. Debt relief is considered taxable income to the debtor.

So wouldn’t it take legislation, to change the tax code so that this loan forgiveness doesn’t trigger a taxable event for these borrowers???? Even if Joe can somehow do an executive order to cancel debt, does he have the power and authority to change all of the legal repercussions of such a decision???

[ASOC]

Will biteme even make to the first 100 days?

Or will by day 30 the 25th Amendment be (honestly) envoked?

[GOPJ]

Most of the student loans going into default are in the black community - they’re the ‘Learn How to be a Truck Driver’ types of scams.

Biden’s paying off his base.

Ask yourself - how many people do YOU know who defaulted on their student loans?

It’s a scam similar to the homeless scam of years ago where corrupt politicians and their butt boys in the press presented ‘the homeless’ as a man, wife and two intelligent blond haired children...

[mtrott]

Even if they concede that it will be considered income and therefore a taxable event, it’s still not fair to the millions of Americans who were responsible and played by the rules and paid off their student debts.

[a fool in paradise]

Also I want to be sure that the IRS goes after those Florida felons who were given $27,000,000 to pay off their debts so they could go vote.

If the FEC isn’t going to go after the bribery charge send the IRS after them.

[freedumb2003]

>>I’m not sure about this being legal via executive order.<<

Agreed, this is an illegal taking.

[1Old Pro]

There is zero doubt in my min that Biden is in a precariously deficient mental state. Seriously, what candidate refuses tough unrehearsed media questions for 9 months? No transition unless he releases cognitive mental records.

[nfldgirl]

Headline: "...will create Republican Voters"

As if that'll make any difference when elections can be so easily stolen.

[Salvey]

Will biteme even make to the first 100 days?

His cadaverous appearance would suggest otherwise.

[Reily]

Why should that stop them?

[cherry]

they will make pub voters out of those that struggled to pay off loans, like my dtr, and reinforce others who are still paying, my son....